P.S.P. establishes “P.S.P. Ventures” and partners up with WhatsEGG Thailand to make inroads into the Leading Automotive Spare Parts Marketplace Platform in Thailand
published : 13 May 2021 at 14:53
P.S.P. Specialties, the leading lubricant manufacturer and total solutions provider of automotive and industrial lubricant and specialty products, is making new progress with its growth roadmap with a strategy to leverage its strengths as a total solutions provider and expand into new businesses to grow its business.
Riding the new waves, the company has established P.S.P. Ventures and started a new venture by investing in WhatsEGG (Thailand), a leading automotive spare parts marketplace platform in Thailand (EGG Mall), to strategically expand the company's customer bases and business synergies. The joint venture plans to capture the gross market value of 7 billion baht over the next five years.
Mr. Pavares Boontanonda, Chairman of the Board of P.S.P. Specialties Company Limited (PSP), revealed, “Thailand is in transition to a fully-fledged digital economy, as evident in rising adoption of digital technologies and systems for greater competitiveness of companies across industries as well as in robust emergence of e-commerce businesses in Thailand. The trend is also favoured by government policies including the Thailand 4.0 economic model, digital economy master plan, and high-speed Internet infrastructure projects. As a result, the marketplace for many industries has grown significantly, especially consumer goods and automotive part markets. Therefore, it is a great opportunity for the company to invest in the market.
“We expect to capture gross market value of 7 billion baht equivalent to over 100% CAGR in the next five years. All these results show a great opportunity for PSP to expand into new business as well as to demonstrate its capability and reaffirm its status as the best neutral platform in the lubricant and automotive-related market. We are committed to continued growth of every business unit in our group. As a major shareholder of PSP, we encourage PSP to pursue this opportunity to align its expansion strategy with economic trends. The Board of Directors of PSP has therefore resolved to set up P.S.P. Ventures and approved its investment in WhatsEGG, one of the world’s leading automotive spare parts companies, driving the business to the top,” he said.
EGG Mall is a platform under the management of WhatsEGG (Thailand), a one-stop-shop for online automotive parts tradingand the most comprehensive online car repair centre and auto parts shop partner in Thailand. Established in 2018, focusing on big data technology and digital solutions for workshops, retailers, and insurers, WhatsEGG (Thailand) is currently the biggest marketplace for automotive parts, providing a wide range of quality products from leading manufacturers and brands. Visitors can download the EGG Mall application on both Android and iOS systems, or visit and order products via the website: www.eggmalltech.com.
Mr. Sint Krongphanich, Chief Executive Officer of P.S.P. Specialties, added, “The establishment of P.S.P. Venture Co., Ltd. strengthens P.S.P.’s expertise and creates a wide range of innovative value-added businesses among our existing offerings as the leading lubricant manufacture and total solutions provider of automotive and industrial lubricant and specialties products. With Thailand’s largest independent blending plant and facilities, we can accurately meet customer demand across industries. With this expansion into new business with our partner WhatsEGG, we are confident that having the best marketplace platform for automotive spare parts will make inroads into the Thai market.”
PSP Specialties Co., Ltd. was established in 1989 to provide petroleum storage for leading oil companies. The company stores and distributes over 3,000 million litres of fuel a year and turns over 10 billion baht. Besides storage services, the company is a world-class one-stop service provider, including being Thailand’s largest manufacturer of lubricants, grease, rubber process oil, and transformer oil.